$ASPN
ASPEN AEROGELS INC

2015 Q3 Form 10-Q Financial Statement

#000119312515283057 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $31.54M $30.10M $26.62M
YoY Change 23.99% 13.08% 15.83%
Cost Of Revenue $350.0K $173.0K $340.0K
YoY Change -20.27% -49.12% -40.46%
Gross Profit $5.172M $5.109M $3.425M
YoY Change 1.97% 49.17% -3.0%
Gross Profit Margin 16.4% 16.98% 12.87%
Selling, General & Admin $6.502M $6.256M $9.626M
YoY Change 5.23% -35.01% 92.87%
% of Gross Profit 125.72% 122.45% 281.05%
Research & Development $1.146M $1.551M $1.920M
YoY Change -8.9% -19.22% 62.99%
% of Gross Profit 22.16% 30.36% 56.06%
Depreciation & Amortization $2.660M $2.580M $2.550M
YoY Change 5.98% 1.18%
% of Gross Profit 51.43% 50.5% 74.45%
Operating Expenses $7.648M $7.807M $11.55M
YoY Change 2.84% -32.38% 87.16%
Operating Profit -$2.476M -$2.689M -$8.121M
YoY Change 4.69% -66.89% 207.85%
Interest Expense -$46.00K $45.00K $34.03M
YoY Change -54.0% -99.87% 379.25%
% of Operating Profit
Other Income/Expense, Net -$46.00K -$45.00K -$34.03M
YoY Change -2.13% -99.87% 108.17%
Pretax Income -$2.520M -$2.740M -$42.15M
YoY Change 4.56% -93.5% 122.08%
Income Tax
% Of Pretax Income
Net Earnings -$2.522M -$2.743M -$42.15M
YoY Change 4.56% -93.49% 122.02%
Net Earnings / Revenue -8.0% -9.11% -158.36%
Basic Earnings Per Share -$0.11 -$0.12 -$13.88
Diluted Earnings Per Share -$0.11 -$0.12 -$13.88
COMMON SHARES
Basic Shares Outstanding 23.05M shares 22.99M shares 3.036M shares
Diluted Shares Outstanding 3.036M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.96M $32.08M $56.90M
YoY Change -44.2% -43.62%
Cash & Equivalents $29.96M $29.58M $56.92M
Short-Term Investments $0.00 $2.504M
Other Short-Term Assets $1.800M $2.100M $1.100M
YoY Change 80.0% 90.91%
Inventory $6.629M $6.075M $5.490M
Prepaid Expenses
Receivables $24.49M $19.96M $18.55M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $62.92M $60.22M $82.02M
YoY Change -22.41% -26.58%
LONG-TERM ASSETS
Property, Plant & Equipment $77.42M $78.15M $59.16M
YoY Change 17.52% 32.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $123.0K $303.0K
YoY Change -55.56% -59.41%
Total Long-Term Assets $77.52M $78.27M $59.47M
YoY Change 17.28% 31.63%
TOTAL ASSETS
Total Short-Term Assets $62.92M $60.22M $82.02M
Total Long-Term Assets $77.52M $78.27M $59.47M
Total Assets $140.4M $138.5M $141.5M
YoY Change -4.59% -2.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.594M $9.791M $8.872M
YoY Change -34.89% 10.36%
Accrued Expenses $4.465M $4.081M $3.918M
YoY Change -5.1% 4.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $20.55M $16.52M $13.83M
YoY Change -2.16% 19.46%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $241.0K $1.000M $1.100M
YoY Change -75.9% -9.09%
Total Long-Term Liabilities $241.0K $1.100M $1.200M
YoY Change -78.09% -8.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.55M $16.52M $13.83M
Total Long-Term Liabilities $241.0K $1.100M $1.200M
Total Liabilities $20.85M $17.61M $15.04M
YoY Change -5.87% 17.08%
SHAREHOLDERS EQUITY
Retained Earnings -$407.1M -$404.6M -$394.0M
YoY Change 2.72% 2.71%
Common Stock $526.7M $525.5M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.6M $120.9M $126.4M
YoY Change
Total Liabilities & Shareholders Equity $140.4M $138.5M $141.5M
YoY Change -4.59% -2.12%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.522M -$2.743M -$42.15M
YoY Change 4.56% -93.49% 122.02%
Depreciation, Depletion And Amortization $2.660M $2.580M $2.550M
YoY Change 5.98% 1.18%
Cash From Operating Activities $560.0K $3.020M -$590.0K
YoY Change -67.82% -611.86%
INVESTING ACTIVITIES
Capital Expenditures -$2.420M -$6.430M -$1.090M
YoY Change 0.41% 489.91%
Acquisitions
YoY Change
Other Investing Activities $2.500M $0.00
YoY Change
Cash From Investing Activities $80.00K -$6.430M -$1.090M
YoY Change -103.32% 489.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -260.0K -20.00K 57.44M
YoY Change -89.96% -100.03%
NET CHANGE
Cash From Operating Activities 560.0K 3.020M -590.0K
Cash From Investing Activities 80.00K -6.430M -1.090M
Cash From Financing Activities -260.0K -20.00K 57.44M
Net Change In Cash 380.0K -3.430M 55.76M
YoY Change -111.66% -106.15%
FREE CASH FLOW
Cash From Operating Activities $560.0K $3.020M -$590.0K
Capital Expenditures -$2.420M -$6.430M -$1.090M
Free Cash Flow $2.980M $9.450M $500.0K
YoY Change -28.19% 1790.0%

Facts In Submission

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Q2
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us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Description
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsDescription
The unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss). The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents, and investments with maturities of greater than 90 days at the time of purchase to be marketable securities. When a marketable security incurs a significant unrealized loss for a sustained period of time, the Company will review the instrument to determine if it is other-than-temporarily impaired. If it is determined that an instrument is other-than-temporarily impaired, the Company will record the unrealized loss in the consolidated statement of operations.
us-gaap Number Of Operating Segments
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dei Document Fiscal Year Focus
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2015
dei Amendment Flag
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001145986
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
ASPEN AEROGELS INC
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</p> </div>
dei Trading Symbol
TradingSymbol
ASPN
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2239000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5054000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-20144000
us-gaap Operating Expenses
OperatingExpenses
15066000
us-gaap Interest Expense
InterestExpense
90000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-19463000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-38000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2855000
us-gaap Cost Of Services
CostOfServices
313000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1507000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2699000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5588000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7157000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
43659000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1177000
us-gaap Depreciation
Depreciation
4700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4759000
aspn Other Interest Income Expense
OtherInterestIncomeExpense
-90000
aspn Number Of Subsidiaries
NumberOfSubsidiaries
2 Subsidiary
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.88
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-13.88
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
97130 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3035717 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.88
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-42148000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42148000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26615000
CY2014Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-34027000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
722000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8121000
CY2014Q2 us-gaap Gross Profit
GrossProfit
3425000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34027000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25893000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3420000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
11546000
CY2014Q2 us-gaap Interest Expense
InterestExpense
34027000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1920000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
340000
CY2014Q2 us-gaap Debt Issuance Costs
DebtIssuanceCosts
15000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6206000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
22850000
CY2014Q2 aspn Other Interest Income Expense
OtherInterestIncomeExpense
-71000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1820661 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22999988 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-2743000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2743000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
30096000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-45000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
341000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2698000
CY2015Q2 us-gaap Gross Profit
GrossProfit
5109000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-45000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
29755000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2722000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
7807000
CY2015Q2 us-gaap Interest Expense
InterestExpense
45000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1551000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
173000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3534000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
24814000
CY2015Q2 aspn Other Interest Income Expense
OtherInterestIncomeExpense
-45000

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